The Cyprus Securities and Exchange Commission (CySEC) announced yesterday that it revoked the Cyprus Investment Company (CIF) licence of Stone Edge Capital Ltd, No. 311/16. The Cypriot regulator clarified that it took this action because Stone Edge Capital Ltd did not comply with the licensing conditions set out in section 17(6) of the Investment Services and Activities and Regulated Markets Act 2017; Inadequate and appropriate systems and procedures have not been applied to thoroughly review any transactions deemed particularly vulnerable to being linked to money laundering or terrorist financing offences, particularly those of an unusually large or complex size, and all unusual transactions carried out without an obvious economic or clear legal justification. In addition, the entity did not have adequate and appropriate systems and procedures in place for internal reporting and reporting to MOΚAS. As a result, Stone Edge Capital Ltd is required to return all funds and financial products belonging to its customers, including all profits; Review and resolve all customer complaints; Ensure that investment and ancillary services are not provided. Earlier, CySEC revoked the Investor Compensation Fund (ICF) membership of two members: RMG Holdings Ltd and Trilt Ltd.